The funds collected under the provisions of this chapter shall be deposited in the Income Tax Fund and such funds shall be disbursed in the following order:
(1) Such part thereof as is necessary to defray all cost of collecting the tax and administering and enforcing the provisions thereof shall first be paid.
(2) Not more than seventy-five percent (75%) of net available income tax receipts shall be used to defray operating expenses of the Village.
(3) At least twenty-five percent (25%) of the net available income tax receipts shall be set aside for any or all of the following items:
a) Capital improvements of the Village, including, but not limited to, traffic control;
b) Construction and maintenance of streets and sidewalks;
c) Equipment necessary for the Police and Fire Departments;
d) Construction and maintenance of storm sewers;
e) Parks and playgrounds.
(Ord. 39-2023. Passed 11-20-23.)